HCA said its stockholders would sell up 50 million shares in this offering. At the current market price of roughly $36 per HCA share, the offering could return as much as $1.8 billion to KKR and Bain, who are getting all of the proceeds from the offering.

This is the second secondary offering HCA has done in the last three months, but it is significantly larger than the one in December, which was an offering of 32 million shares. The stock is also up roughly 6.5% since December.

Since that IPO, KKR and Bain have been steadily liquidating their positions in the company. The firms and other investors owned a roughly 60% stake in HCA only three months ago. After this sale, that ownership stake will drop to roughly 39.3%.